The Bitcoin ATM was one of the first devices to introduce Bitcoin to the public. Seen in many shops and convenience stores, it allowed users to buy what may have been their first Bitcoin for an extremely low fee. However as of recently many companies have shut down or slowed the production of these machines as demands drops to an all time low amid further integration of Bitcoin ATM services into current banks.
Two years ago the Bitcoin ATM was one of the most popular hardware devices Bitcoin had to offer. While miners remain financial viable, Bitcoin ATMs have sadly been left behind as the cryptocurrencies further innovates and integrates into current systems. Found in railways and shops a Bitcoin ATM would be tucked away in most cases gathering dust and increasing maintained costs forcing many to cease offering its services.
However this is not the end of the Bitcoin ATM by far as many companies have transitioned to provide their services via existing platforms which was the case of Coinplug. While having to shut down their largest Bitcoin ATM, they managed to secure deal with Hyosung which will allow them to tap into a reserve of 10000 ATMS currently operating all around South Korea.
To conclude the Bitcoin ATM was one of the most innovative methods of exploiting the growth of the Bitcoin. While it was essential in laying out the foundations for the current Bitcoin services today, the Bitcoin has propelled in popularity allowing banks and even countries to seriously consider its viability in a mainstream position. Bitcoin ATMs to provide a valuable service for obtaining Bitcoin on the go but are no longer profitable to operate as competition from banks and online exchanges such as NairaEX and LocalBitcoins have become the most popular iteration of Bitcoin purchasing.